The following is a summary of the Clipper Realty Inc. (CLPR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Clipper Realty reported a record quarterly revenue of $37.6 million, an increase of 7.1% from the previous year.

• Net Operating Income (NOI) increased to $21.8 million, up 9% from the previous year.

• Adjusted Funds From Operations (AFFO) rose to $7.8 million, marking a 24% increase compared to the previous year.

Business Progress:

• New leases exceeded prior rents by over 9.5% across the market-based portfolio influenced strongly by properties in Manhattan and Brooklyn.

• The Pacific House property achieved a 100% lease rate and is performing with a 7% cap rate.

• Construction on the Dean Street development is advancing ahead of schedule, with completion expected in time for the 2025 leasing season.

Opportunities:

• Strong rental demand at all properties with rents at all-time highs and a continued increase.

• Pursuing opportunities through property recycling to maximize performance and improve cash flows.

Risks:

• Potential losses from marketing certain properties could affect book values, although this is aimed at achieving better overall returns.

• High interest rates pose challenges but are somewhat mitigated by long term, fixed-rate, nonrecourse debt on their properties.

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